Sign up
Log in Sign up
Mon 12 Oct 2009 09:46

Chemoil Q3 net loss on the cards - sources


Leading supplier is reported to be expecting a net loss in the third quarter of 2009.

Leading marine fuel supplier Chemoil Ltd is reportedly expecting to post a net loss in the third quarter, according to Reuters

The news agency reported that Chemoil said on Friday that unusually weak fuel oil margins in a number of market segments had had a negative effect on the company's business operations between July and September. Hedging was also said to have been "less effective" than in previous quarters.

In June Chief Executive Officer Clyde Michael Bandy confirmed that Chemoil's majority shareholders were in discussions with various parties regarding the possible sale of some or all of its shares in the company.

Chemoil recorded a 283 percent year-on-year increase in profit after tax during the first quarter of 2009. However, second quarter profit dropped by 44 percent in the second quarter to US$12.2 million on the back of lower revenues. Group revenue fell 49 per cent to US$1.3 billion.

Chemoil is scheduled to disclose its financial results for the third quarter in November.

Christian Vandvig Finnerup, Dan-Bunkering. Dan-Bunkering appoints Christian Vandvig Finnerup as US managing director  

Finnerup transitions from Singapore role to lead American operations.
Hai Gang Wei Lai vessel. SIPG orders Wärtsilä systems for new LNG bunker vessel  

Shanghai International Port Group orders integrated cargo handling and fuel systems from Wärtsilä.
Chris Seide, Integr8 Fuels and William Kanavan, Pentarch Offshore Solutions. Integr8 Fuels signs MOU with Pentarch for bunker services at Port of Edrom  

Integr8 Fuels and Pentarch Offshore Solutions have signed an agreement to develop bunker fuel services.
Eagle Vellore vessel. MISC orders two LNG dual-fuel Suezmax tankers as part of fleet renewal  

Malaysian shipowner expands dual-fuel fleet with newbuilds backed by long-term charters.
Eunice Low, Oilmar DMCC. Oilmar DMCC appoints Eunice Low as marine fuels trader in Singapore  

Low joins firm's Singapore trading department with a decade of industry experience.
HMM container ship. HD Hyundai secures $1.46bn order for eight LNG dual-fuel container ships  

South Korean shipbuilder reports highest container ship order volume since 2007 supercycle.
Arctic black carbon emissions urgency graphic. Clean Arctic Alliance urges IMO action on black carbon after 'disappointing' COP30  

Environmental coalition calls for Arctic shipping fuel regulations ahead of December 5 deadline.
Egypt's Ministry of Petroleum and Mineral Resources and Suez Canal Authority MOU Signing Ceremony. Egypt's petroleum ministry and Suez Canal Authority sign MOU for LNG bunkering facility  

Ministry and canal authority to develop LNG supply station in Port Said.
Legend of the Seas main engine startup. Meyer Turku starts first main engine on Legend of the Seas cruise ship  

Finnish shipbuilder fires up Wärtsilä engine ahead of 2025 Royal Caribbean delivery.
Malik Energy Leadership Development Programme group photo. Malik Energy launches internal leadership development programme  

Marine fuel supplier rolls out training initiative for managers across its supply and energy divisions.




 Recommended